Information on Business Segments

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Information on Business Segments

Information on Business Segments

The Company is organized based upon the nature of its products and services and reports under two global business segments: Industrial and Aerospace. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying these two reportable segments.

The Industrial segment is a global manufacturer of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices, and energy. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions businesses design and manufacture customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. Industrial's Nitrogen Gas Products business manufactures nitrogen gas springs and manifold systems used to precisely control stamping presses in the tool and die industry. More recently, the Nitrogen Gas Products business has expanded its product offerings into adjacent markets, such as suspension systems for heavy duty and military vehicles. Industrial's Engineered Components businesses manufacture and supply precision mechanical products used in transportation and industrial applications, including mechanical springs, high-precision punched and fine-blanked components and retention rings.

The Aerospace segment is a global provider of fabricated and precision-machined components and assemblies for original equipment manufacturer ("OEM") turbine engine, airframe and industrial gas turbine builders, and the military. Aerospace Aftermarket includes the jet engine component maintenance overhaul and repair business ("MRO") and the spare parts business. MRO includes our Component Repair Programs ("CRPs"), which service many of the world's major turbine engine manufacturers, commercial airlines and the military. The spare parts business includes our revenue sharing programs ("RSPs") under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program.

The following tables set forth information about the Company's operations by its two reportable segments:

	Three months ended March 31,
	2017			2016
Net sales
Industrial	$	227,340		$	195,246
Aerospace	114,470			93,087
Intersegment sales	(8		)	(1		)
Total net sales	$	341,802		$	288,332
Operating profit
Industrial	$	33,456		$	29,644
Aerospace	22,292			11,883
Total operating profit	55,748			41,527
Interest expense	3,349			2,991
Other expense (income), net	23			227
Income before income taxes	$	52,376		$	38,309

	March 31, 2017		December 31, 2016
Assets
Industrial	$	1,400,794	$	1,356,081
Aerospace	643,510		647,766
Other (A)	151,349		133,692
Total assets	$	2,195,653	$	2,137,539

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.